LPL Financial downgraded to Neutral from Conviction Buy at Goldman Sachs. Goldman Sachs analyst Conor Fitzgerald downgraded LPL Financial (LPLA) to Neutral from Buy and removed the shares from his firm's Americas Conviction List. Following the recent outperformance of the stock, the analyst sees more upside in Raymond James (RJF), a name he upgraded this morning to Buy from Neutral. Fitzgerald keeps an $81 price target on LPL.

Raymond James upgraded to Buy from Neutral at Goldman Sachs. Goldman Sachs analyst Conor Fitzgerald upgraded Raymond James to Buy and raised his price target for the shares to $112 from $109. Organic growth in the company's wealth management business appears to be accelerating, Fitzgerald tells investors in a research note, citing his tracking of press articles and "upbeat" commentary from management on last quarter's earnings call. Further, the analyst notes that Raymond James' excess capital continues to build. He expects management to announce a "modest" increase in capital return at its investor day and believes investors are not pricing this into the shares.

Raymond James upgraded to Neutral from Underperform at Credit Suisse. Credit Suisse analyst Craig Siegenthaler upgraded Raymond James Financial (RJF) to Neutral from Underperform and raised his price targets on shares to $103 from $99. In a research note to investors, the analyst said he was using yesterday's weaker results to exit the Underperform position, but sees "relative upside" in shares of LPL Financial (LPLA) vs. Raymond James over the next six months. Siegenthaler remains on the sidelines on Raymond James vs. an Overweight rating on other retail brokers.

Raymond James initiated with a Market Perform at Bernstein. As previously reported, Bernstein analyst Christian Bolu started Raymond James with a Market Perform rating and $95 price target as he sees it as a structural share winner but fairly valued.